December corn gapped higher on the opening last night because a lot of Midwest locations got rain over the weekend, but not nearly as much as predicted or needed. The National Weather Service reports the Western Corn Belt has slightly above normal probability of rainfall the third week of June, but from Canada to the Gulf Coast between the Rockies and Appalachian Mountains will have much above normal temperature.
CBOT call options volume hit a 14-month high last week. Traders buy calls when they expect futures to go higher. Other traders write (sell before buying) call options when they think buyers are paying too much for the call option.
The Federal Reserve is expected to leave interest rates unchanged on Wednesday. However, the U.S. consumer price inflation report on Tuesday and wholesale inflation on Wednesday morning could change that expectation.